At what rate percent per annum will Rs. 50000 amount to Rs. 58320 in 2 years, compound interest compounded annually? MCQ with Answer and Explanation

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At what rate percent per annum will Rs. 50000 amount to Rs. 58320 in 2 years, compound interest compounded annually?

A. 10%

B. 8%

C. 6%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Amount/Principal = 58320 / 50000 = 5832 / 5000 = 11664 / 10000 = (108 / 100)^2. Therefore, 1 + R/100 = 1.08 => R = 8%.

This question belongs to: Maths Compound Interest

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Question #1

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What is the compound interest on Rs. 30000 for 1 year at 10% per annum, compounded half-yearly?

A. Rs. 3075

B. Rs. 3100

C. Rs. 3000

D. Rs. 3150

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Correct Answer: Option A

Explanation:
Half-yearly rate = 10/2 = 5%. Time = 2 half-years. Amount = 30000 * (1 + 5/100)^2 = 30000 * 1.1225 = Rs. 33075. Compound Interest = 33075 - 30000 = Rs. 3075.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 50000 for 1 year at 12% per annum, compounded quarterly.

A. Rs. 6000.00

B. Rs. 6400.00

C. Rs. 6520.50

D. Rs. 6275.44

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Correct Answer: Option D

Explanation:
Quarterly rate = 12 / 4 = 3%. Time = 4 quarters. Amount = 50000 * (1 + 3/100)^4 = 50000 * (1.03)^4 = 50000 * 1.12550881 = Rs. 56275.44. Compound Interest = 56275.44 - 50000 = Rs. 6275.44.

This question belongs to: Maths Compound Interest